Four commercial banks in Georgia are reportedly preparing to join China’s Cross-Border Interbank Payment System (CIPS), an international payment network widely viewed as an alternative to the Western-dominated SWIFT system.
Based on the reports circulated by Georgian media, the process is expected to involve four Georgian banks including Cartu Bank, which is owned by billionaire Bidzina Ivanishvili, the founder of the ruling Georgian Dream party.
The move is reportedly being coordinated through the National Bank of Georgia, although the regulator has not yet issued an official statement on the matter.
Economists say the development could reflect preparations for a potential scenario in which Georgia faces restrictions from Western financial systems.
Economist Giorgi Khishtovani suggested that the authorities may be seeking alternative financial channels in case the country’s access to global payment infrastructure becomes limited.
Khishtovani says while using Russia’s financial systems would be politically difficult for Georgia, China’s payment network could serve as a possible fallback option if disruptions occur in the existing system.
The Cross-Border Interbank Payment System (CIPS) was launched in 2015 by the People’s Bank of China to facilitate international payments in Chinese yuan. The system forms part of Beijing’s broader strategy to expand the global role of its currency and reduce reliance on Western financial infrastructure.
CIPS enables financial institutions to clear and settle cross-border transactions in yuan and has gradually expanded its global participation network. While significantly smaller than the SWIFT system, which connects more than 11,000 financial institutions worldwide, CIPS has grown steadily as China promotes wider international use of the yuan.
The platform has attracted banks from a range of countries and has gained additional attention in recent years as geopolitical tensions and sanctions have prompted some governments and financial institutions to explore alternative international payment channels.
If confirmed, the participation of Georgian banks in CIPS could signal closer financial connectivity with China’s payment infrastructure and reflect broader shifts in global financial networks.
Analysts note that several countries affected by Western sanctions or geopolitical tensions have shown interest in alternative payment systems, including China’s CIPS.
However, it remains unclear which Georgian banks are involved beyond Cartu Bank, or at what stage the reported preparations currently stand.
Neither the National Bank of Georgia nor the banks reportedly involved have publicly commented on the reports so far.
